Gold was steady yesterday. The market opened at 1839. The price reached the day-high 1846 early in the Asian session, and it was bounded between 1835-40 throughout the rest of the trading day.
While the price is now back trading in between the 1830-70(1) range, the price is under selling pressure by the downward trendline(2). Awaiting for the market to turn active again after the US holiday, the price will be able to touch the top of the range near 1860-65 again if the price breaks out from the trendline(2).
The double-bottom pattern (4) is still under development on the daily chart. We can continue to take advantage of the horizontal range(3) until the price escape. The 250 days MA is still the critical support for the moment.
S-T Resistances:
1865
1860
1850
Market price: 1841
S-T Supprots:
1840
1835-37
1830
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While the price is now back trading in between the 1830-70(1) range, the price is under selling pressure by the downward trendline(2). Awaiting for the market to turn active again after the US holiday, the price will be able to touch the top of the range near 1860-65 again if the price breaks out from the trendline(2).
The double-bottom pattern (4) is still under development on the daily chart. We can continue to take advantage of the horizontal range(3) until the price escape. The 250 days MA is still the critical support for the moment.
S-T Resistances:
1865
1860
1850
Market price: 1841
S-T Supprots:
1840
1835-37
1830
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Comment:
Gold continued to hover near 1835 yesterday. The price cleared the support of 1830 early in the Asian session and touched the day-low near 1822 during the European session. While the market approached the US session, the market turned active; a new round of buying entered the market once the price cleared the downward resistance line(2). The price touched the day-high near 1848 but retraced toward 1837 for the day's end.
Althought gold has broken out from both the S-T downside support at 1830(1) and the resistance trendline(2) with increased daily fluctuation, the market has yet to find a clear direction. After yesterday's movement, +/- 10 of 1835(4) should be the range until the price breaks clear again.
The price has failed to pull away from the 250 days MA(5) yesterday. The closing price on the daily chart outside the 1830-40 range should be the key to notice for the next few trading days. It will be the first sign of gold exposing its next movement.
S-T Resistances:
1847-50
1840
1833-35
Market price: 1832
S-T Supports:
1830
1820
1810-08
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Gold continued to hover near 1835 yesterday. The price cleared the support of 1830 early in the Asian session and touched the day-low near 1822 during the European session. While the market approached the US session, the market turned active; a new round of buying entered the market once the price cleared the downward resistance line(2). The price touched the day-high near 1848 but retraced toward 1837 for the day's end.
Althought gold has broken out from both the S-T downside support at 1830(1) and the resistance trendline(2) with increased daily fluctuation, the market has yet to find a clear direction. After yesterday's movement, +/- 10 of 1835(4) should be the range until the price breaks clear again.
The price has failed to pull away from the 250 days MA(5) yesterday. The closing price on the daily chart outside the 1830-40 range should be the key to notice for the next few trading days. It will be the first sign of gold exposing its next movement.
S-T Resistances:
1847-50
1840
1833-35
Market price: 1832
S-T Supports:
1830
1820
1810-08
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Gold continued to trade in a narrow range yesterday. The market opened at 1836, and a tight 1833-40 range bounded the price throughout the Asian & European sessions. The range widened during the US session, where the price touched a new day-high 1843 and a new day-low at 1828 before the day ended around 1832.
Gold is still under pressure from the downward trendline(2) mentioned yesterday. The price is currently trading at below 1830 early in the Asian session. Unless the price can jump back upon 1830 later in the European or US session, the price will have to go toward the downside 1820 or even lower.
Althought the US holiday is over now, the range for the gold has maintained relatively tight. Under the current market condition, the trend is turning weaking on the daily chart after the price settled below the 250 days MA(5) yesterday. The upcoming downside support is now near 1815-20.
S-T Resistances:
1840
1833-35
1830
Market price: 1828
S-T Supports:
1820
1810-08
1805-00
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